'Pig Butchering' Scams Average More Than $4.5K Per Payment: Chainalysis

The chart of the day is presented by crypto.com, the leading crypto platform trusted by over 100 million users worldwide. Let's take a look at the chart of the day. Chain analysis warns crypto traders and investors in a new report that scammers are getting Savvier in their efforts to steal digital assets. The report shows that scams are driving the majority in 2020 four's multibillion dollar crypto crime sector. If we dive into the categories of scams, the so-called pig buttering scam remains an extremely dangerous threat. Pig butchering typically involves fattening up their targets with romantic overtures and other tactics that builds trust before hitting them with a fake investment opportunity, stealing their funds. Pig butchering scams grew significantly in 2023 more than doubling revenue year over year and this is especially concerning because this type of scam has the worst impact on victims based on average payment size. According to analysis, an average payment in a pig butchering scam could go as high as $4593 and many victims likely make multiple payments to an individual scam address. So the actual losses per victim could go much higher than the averages. That's it for today's chart of the day. I'm Jen Sani. We'll see you next time to unpack more of the data behind top news stories.